Its true - they are both giving less points, and requiring less points for redemption. However the ratios are skewed such that the rewards are being decreased overall.
With the Penfed gas card and Schwab card, why is anyone using anything else?
You're kidding right? All you have to do is multiply the new program points by 3 and compare them to the old program. The majority of options require a lot more points.
I guess technically the wording is true, but it sure is a sleazy way to reduce the value of the rewards program.
Treffen
Senior Member
posted: Sep. 5, 2009 @ 10:27p
I'll consider myself sued.
I glanced at the gift card lines. They look better.
tripleB said: With the Penfed gas card and Schwab card, why is anyone using anything else?Capital One probably has a user-base that doesn't pay very close attention in the first place, it's probably not a bad move for them.
Yeah, this is my mom's card. They've already jacked up her rates (perfect credit) to 19% but I taught her the value of collecting the rewards for everyday purchases (vs never using the card at all). With this reward drop I have to put together both a FU Chase and FU Capital One cancellation letter for her now (which is quite therapeutic actually, I recommend everyone do this.)
mcqfesijiba
Thrifty Member
posted: Sep. 6, 2009 @ 6:09a
tripleB said: Its true - they are both giving less points, and requiring less points for redemption. However the ratios are skewed such that the rewards are being decreased overall.
With the Penfed gas card and Schwab card, why is anyone using anything else?That may be the best combination, but because those are two of the harder to get reward cards, some they might have to get a lesser rewards card first. Some, not all, of the other rewards cards are a little easier to come by (though probably not by that much). I almost had a Schwab card and was temporarily approved, until a FIA rep stepped in.
thok
Tired Member
posted: Sep. 6, 2009 @ 7:41a
I'm curious, what happens to your existing points? I'm betting they don't go up in value 3x.
The main reason my mom doesn't have a card like Penfed is because she hates all the busywork we FW's do to save a buck. Honestly she's the type who wouldn't apply for a CC unless it came in the mail. To us it's bad, but that's just the way she operates. All the terms and conditions and gotcha tricks have pretty much made everyone apprehensive to use credit cards but I showed her how it can be to her advantage as long as she always pays the bill in full. The occasional $50 restaurant gift card she gets now helps reinforce that.
Since Penfed does credit to the statement automatically every month I think I will try to get her that card. Her income's not a lot because she's near retirement age and only works part time but she has perfect credit, no debt, only has two credit cards, one of which will be canceled before applying, and she's lived in the same house for at least 15 years. I hope that's enough.
ThePessimist
Ancient Member
posted: Sep. 7, 2009 @ 8:13a
tripleB said: With the Penfed gas card and Schwab card, why is anyone using anything else? Actually, I won't use a Schwab card for the same reason I stopped using my Cap1 (well, for anything but purchase checks). Neither has integration into Quicken or Money to allow you to download transactions mid-cycle. It may not sound like a big deal, but when you're sharing a card with a spouse, and trying to keep track of things, it's a big inconvenience.
I would think that both Cap1 and FIA would be big enough that the Quicken/Money integration cost would be a drop in the bucket. Obviously, it's not a priority for either of them.
Lyrrad
Member
posted: Sep. 7, 2009 @ 10:37a
dg12345 said: Since Penfed does credit to the statement automatically every month I think I will try to get her that card. Her income's not a lot because she's near retirement age and only works part time but she has perfect credit, no debt, only has two credit cards, one of which will be canceled before applying, and she's lived in the same house for at least 15 years. I hope that's enough.
I'd be careful about canceling credit cards. If she doesn't have that many credit cards it could hurt her credit.
lennymac
New Member
posted: Sep. 10, 2009 @ 12:29p
Hmmm, sneaky. I didn't get this notice...yet. Which Cap One account do you have? Is it No Hassle points or something else? Are the points earned on all spending or just certain types, like gas and groceries?
lennymac
New Member
posted: Sep. 16, 2009 @ 3:45p
Hmmm, sneaky. I didn't get this notice...yet. Which Cap One account do you have? Is it No Hassle points or something else? Are the points earned on all spending or just certain types, like gas and groceries?
sfchris
Cranky Member
posted: Sep. 16, 2009 @ 3:57p
See the other thread I just posted on... I was in a 1 point per dollar program, with 80 points per dollar for any travel over $650.
Their devaluation cost me about $210.
I called and complained and got 2x miles and 10,000 points which makes me whole after 6 months.
But frankly, doing this with 45 days notice was VERY SHADY. and to think my tax money are bailing these banks out.....
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